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Changes to the Nordic and European

Financial Services Market in Light of PSD II

The Jon Bing Memorial Seminar, 27 april 2017

Idar Kreutzer, CEO Finance Norway

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DIGITALIZATION

Productivity and

business

opportunities

Dilemmas

New roles and

responsibilites

Policy framework

and regulation

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Increased Productivity

3

0

200

400

600

800

1000

1200

1400

GDP per hours worked 1990-2016Set 2005-prices

Finansierings- og forsikringsvirksomhet Fastlands-Norge ekskl. finansiell sektor

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The Financial Services Sector

4

Incumbents GAFAMStartups

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New roles: Account Information Service (AIS)

User

Online service

Identification

Bank account

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Traditional online payment usecase

Bank account

Acquiring)

Online shop

Security

Payment instrument

Bank

account

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Online shop

Online payment through a

Payment Initiation Service Provider

PISP

Payment

initiation through

a PISP using the

customers online

banking service

Bank

account

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The bank as AIS

User

Online service

Identification

Bank account Bank account

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PSD2 – Nordic and European Changes

9

• New market players will be regulated

• New roles to be defined

• Increased innovation

• Increased competition between banks

• Improved services to the customers

• Customer security and

availability in terms of

payment processes

• Regulation of new

services and new

market players

• Algorithms will control

people’s lives.

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There is a fine line…..

10

ETHICAL DILEMMAS

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ECONOMICS

SUPER

STAR

SOCIETAL DILEMMAS

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DIGITAL CRIME

12

Fo

to: fb

i.go

v

RISK DILEMMAS

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Cybercrime The crime of our time

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The regulator running behind the regulation

15

Data

Protection

Financial

Stability

Level

playing field

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Digital Sandbox

• Test environment for

products and solutions

• Regulatory sandbox

• Covering costs

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All that is

necessary for the

triumph of evil is that

good men do nothing.

Edmund Burke

“

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